Nigeria’s ThriveAgric selected for 500 Startups accelerator

Nigerian agri-tech startup ThriveAgric is taking part in the 24th edition of the Silicon Valley-based 500 Startups accelerator programme, which invests US$150,000 and offers hands-on training and mentorship.

500 Startups is one of the world’s most renowned accelerators, having worked with over 2,000 startups from across the world, and its 24th startup accelerator kicked off at the end of September.

Launched publicly in early 2017, the platform is designed to crowdfund investments for smallholder farmers and provide it to them in the form of inputs, tech-driven advisory and access to markets.

Farms are listed on the platform, complete with details of what it takes to fund a unit, such as an acre of rice or 100 chicks, the length of time until return, and the returns themselves.

Subscribers can then fund these units by paying online, and receive regular updates on what is happening on the farm, from planting to harvest. They can receive their funded sum and any returns after harvest. The funds are used to purchase inputs, buy insurance, and market the produce.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.